Business
Dangote Refinery Denies Payment from IPMAN and Clarifies NNPCL’s Role As Sales
Dangote Petroleum Refinery has firmly denied receiving any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for the purchase of refined petroleum products.
The clarification came in a statement from Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, emphasizing that despite ongoing talks with IPMAN, no transactions have been finalized.
According to Chiejina, rumours suggesting that IPMAN members are facing difficulties in loading refined products from Dangote Refinery are misleading.
“We currently have no direct business dealings with IPMAN,” he explained, mentioning that any issues IPMAN might be facing are unrelated to Dangote Refinery’s operations.
The company underscored that it bears no responsibility for any payments IPMAN may have made to other parties, as it hasn’t received any funds from them.
The statement also clarified that the payment in question had been made through the Nigerian National Petroleum Company Limited (NNPCL), not through Dangote Refinery itself.
Additionally, NNPCL has not granted any approval or authorization for Dangote to release its Premium Motor Spirit (PMS) to IPMAN, further confirming that there are no formal distribution arrangements between the refinery and the association.
Dangote Refinery touted as a game-changer for Nigeria’s energy landscape, also assured that it can meet the country’s full demand for petroleum products.
With the capability to load up to 2,900 trucks daily, the refinery stands ready to support Nigeria’s energy needs once direct agreements with distributors are in place.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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